Perspective Financial Group has acquired Wiltshire-based Avon Financial Advisers for an undisclosed sum.
This deal adds 240 clients and £42m ($58m, €50m) in assets under management to the group and comes just weeks after Perspective announced it had completed six acquisitions in the first half of 2021.
Avon, founded by Stephen Cook in 2011, based in Chippenham will become part of Perspective’s office in Marlborough. Cook is retiring from the business.
‘Acquirer of choice’
Cook said: “After just over 45 years in the financial services industry, of which 34 years have been spent as a financial adviser, I have decided now is the right time for me to retire. It has been a privilege to help many clients during my career since I came to work and live near Chippenham.
“I had not originally intended to retire yet, but the pandemic made me reflect on matters. It is increasingly challenging to run a small financial advice business due to the ever increasing regulatory and reporting burdens required by our regulator, the Financial Conduct Authority.”
Ian Wilkinson, chief executive of Perspective, added: “This acquisition is further evidence of our position of being the ‘acquirer of choice’ for retiring IFAs. Avon fits our profile well with many of their client relationships averaging 25 years’ duration and spanning multiple generations.
“For us, it’s essential the firms we acquire share our client-centric approach as this is absolutely fundamental to our success. Our flexible deal structure for retiring IFAs means those wishing to sell can ensure the deal satisfies all their criteria – so it’s a positive move at the right time for their clients and their staff, as well as for them personally, professionally and financially.”
